| ||Thu Jul 23, 2009|
Asia Now Announcement of Strategic Plan for Growth and Issuance of Shares to Consultant
| ||Asia Now Resources Corp. ("Asia Now" or the "Company") (TSXV: NOW) unveils a strategic plan designed to deliver value to shareholders through exploration success on our existing projects, and through profitable mining operations on resources in our existing projects, or on new projects we acquire.|
One emphasis will be to aggressively explore the existing properties in Yunnan, which will continue to be our cornerstone. Currently, the Company is drilling and tunnelling in a 0.8 km2 high-grade copper molybdenum-gold zone at Habo South and in a 0.7 km2 zone in the middle of the 13 km long by 2 km wide gold zone at Beiya North. This zone is adjacent to the Beiya Gold Mine, the largest open-pit gold mine in Yunnan producing up to 100,000 ounces of gold annually. In addition to the budgeted exploration programs (see news release dated May 20, 2009), the Company plans to speed up drilling at these two targets, and to start to drill a third target (0.6 km2) in the northeast part of the identified gold zone in Beiya. Subject to successful financing, the planned drilling programs are aimed to delineate mineable resources at these three targets.
Asia Now also plans to grow beyond our existing exploration projects. The Company has reviewed many production or close to production projects and is evaluating potential acquisition opportunities in Asia and North America. The Company has developed extensive relationships with investors particularly in Asia, and will continue establishing and strengthening strategic partnerships with Asian funds for new development opportunities.
"We believe there is great potential in combining western technologies and management with Asian funds in the global mining industry." Dr. Kaihui Yang, Asia Now's President, added, "Asia Now will take advantage of its strong international team and its access to Asian funds to seek new opportunities."
To assist in ensuring smooth operations and permit renewals on projects in Yunnan Province, the Company has retained Mr. Bian Jiang as a consultant for relationships with local governments and maintenance of exploration rights in the Yunnan province of China and entered into a consulting agreement with him as previously announced via news release dated May 20, 2009. The Company has since entered into an amending agreement to the consulting agreement with Mr. Bian that provides further clarification to Mr. Bian's compensation for his consulting services to the Company, being CAD$40,000 per year of the consulting agreement, or the equivalent of which may be payable at Asia Now's sole option in common shares of Asia Now. The consulting agreement can be renewed at Asia Now's sole option for the 2010 and 2011 one-year terms. The TSX Venture Exchange (the "TSXV") has accepted the shares for services arrangement between Asia Now and Mr. Bian as provided in the consulting agreement, as amended.
The TSXV has also accepted the issuance of 266,666 common shares of Asia Now at a price of CAD$0.15 to Mr. Bian to settle a debt of $40,000 owed by Asia Now to Mr. Bian in respect of services that he rendered as a consultant to the Company in the period up to June 30, 2009. The payment in shares and the calculation of the deemed price at which shares were issued was made in accordance with the terms of the consulting agreement with Mr. Bian, as amended. The shares issued to Mr. Bian are subject to a 4 month hold period imposed by the TSXV that will expire on November 22, 2009.
About Asia Now Resources:
Asia Now Resources Corp. is a mineral exploration company active in China since 2002. The Company has established offices, joint ventures and a significant network with Chinese partners. Current projects include copper, gold and silver at two major projects, with drilling underway at both. Under the leadership of an experienced management team, the Company has a sound balance sheet and sufficient working capital to take exploration into the next phase.
For further information contact:
Kaihui Yang, President
Asia Now Resources Corp.
Peter Weichler / Jeff Walker
The Howard Group Inc.
Toll Free: 1-888-221-0915
You can view the Next News Releases item: Thu Aug 6, 2009, Asia Now announces appointment of director
You can view the Previous News Releases item: Mon Jun 22, 2009, Asia Now Earns 72% Interest in the Beiya North Gold Property and Appoints Senior Consultant
You can return to the main News Releases page, or press the Back button on your browser.